By Erik Hertzberg
(Bloomberg) — A key measure of Canadian living standards has improved after the country’s statistical agency revised up the size of the economy.
Canada’s real gross domestic product per person rose to $60,071 in the third quarter, according to a Bloomberg analysis of data released Friday by Statistics Canada. That follows a significant increase in estimates of the size of the country’s economy over the past three years.
The changes suggest record population gains and tepid growth have caused the metric to decline to 2022 levels, rather than 2017 levels, as the previous data suggested.
“As population growth grinds to a near halt with tighter immigration policy, we’re likely to see these per-capita numbers begin to turn higher going over coming years,” Derek Holt, an economist with Bank of Nova Scotia, wrote in a note to investors.
In recent years, falling GDP per capita has been touted by the Conservatives, Canada’s main opposition party, as evidence of political and economic mismanagement by the incumbent Liberals. Even with the revisions, Canada is still likely to be near the bottom of the pack relative to other Group of Seven countries, particularly the U.S.
Holt said the upward revisions also have significant implications for the Bank of Canada’s estimates of slack in the economy, which, depending on how the bank updates its potential growth forecasts, points to an output gap that’s likely nearly closed.
That may make it more likely that the central bank has ended its interest rate easing cycle, especially if inflation pressures mount domestically.
For Holt, it could explain the stubbornness of underlying core measures, which remain elevated.
“Wiping out at least a material amount of slack means that we’re left with a possible explanation of sticky underlying inflation and continued upside pressure in light of other drivers like cost pressures,” he said.
The release also raises questions about whether Statistics Canada should offer a more formal release of the revised data, which is typically published when provincial statistics are published in November.
“Where did they put it? Buried in a provincial GDP write-up where few macro watchers would bother to look,” Holt said.
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Last modified: November 28, 2025
